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\n\t\t\t\t\t\t\t\t\tRising spot activity alongside falling leverage suggests long-term buyers may be replacing speculative traders.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Ethereum (ETH) is trading at nearly 65% below its all-time high, with attention around the asset at an almost yearly low, even as its largest network upgrade since The Merge is due within weeks.<\/p>\n
But an analyst tracking the setup says the gap between weak social interest and steady on-chain usage is the kind of divergence that has often come right before sharp moves for the cryptocurrency.<\/p>\n
In a July 9 post on X, pseudonymous analyst Wise Crypto noted<\/a> that the Ethereum network has been processing roughly 450,000 active addresses despite social media discussion sitting near yearly lows.<\/p>\n According to them, the upcoming Glamsterdam upgrade could become a major catalyst, considering that it could increase Ethereum\u2019s gas limit by three times and cut transaction fees by about 78%. It has also been said that it could lift throughput to about 10,000 transactions per second.<\/p>\n \u201cMajor catalyst. Minimal attention,\u201d the market watcher wrote, while naming $1,754 as the ETH level worth watching. A sustained move above that area, according to them, could open the way toward $2,440, while failure to hold support could send the world\u2019s second-largest crypto asset back toward $880.<\/p>\n Looking at CoinGecko data at the time of writing, ETH was trading just a few dollars below Wise Crypto\u2019s stated resistance level, having dipped slightly (about 1%) in 24 hours but still gaining nearly 7% during the past week and about 3% over 30 days.<\/p>\n That quiet backdrop is sitting alongside some unusual exchange data shared<\/a> by CryptoQuant contributor Amr Taha, who said that Binance\u2019s 30-day ETH open interest change fell to -594,000 ETH earlier in the week, marking its deepest contraction since August 2024. Around the same time, ETH spot volume on OKX climbed to $2.09 billion, 49% higher than its best reading of the year, which was recorded on February 5.<\/p>\n According to Taha, the pairing is notable because a leverage flush alongside rising spot volumes probably means that speculators are leaving the market while spot buyers are continuing to stack ETH and not that there\u2019s a broad retreat from the asset.<\/p>\n Ethereum has been rejected at $1,800 three times this week, but that didn\u2019t stop Consensys co-founder Joseph Lubin from saying<\/a> Wednesday that the \u201cSummer of Ethereum Love is gaining steam,\u201d pointing to newly launched<\/a> steward groups like Ethlabs working alongside the Ethereum Foundation, and citing the network\u2019s eleven years of uptime as a draw for institutions.<\/p>\n Analyst Micha\u00ebl van de Poppe struck a similar tone over the weekend, arguing<\/a> that \u201cthe worst period for ETH is over\u201d after the token closed out its third straight quarterly loss of more than 20%, a first in its history. He called the odds of a fourth consecutive drop statistically low and pointed to the pending CLARITY Act as a potential liquidity driver.<\/p>\nYou may also like:<\/h3>\n
Executives Talk Up the Cycle While Traders Stay Cautious<\/h2>\n
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